4-Unit
410 W 28th St, Norfolk, VA 23508
For Sale
New
$675,000
Individually metered residences sit within the R-11 zoning district.
Property Size3,700 SF
Price / SF$182.43
Days on Market3
Property Features for 410 W 28th St
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Units
Multifamily Units
Individually Metered Utilities
Building Details
Building Size
Year Built
Listing Agency:
RE/MAX Alliance
(757) 456-2345
Listed By:
Eric Hovik · License VA #0225214347
(757) 277-8487
Source:
Jamesallengroup
Added: Nov 11
Last Checked: Nov 13 at 2:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Alliance
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Investment Insights
Based on property information with market context.
This 1964 quadplex contains four residences, each measuring approximately 925 square feet. The units are individually metered, and the property has been updated. R-11 zoning applies.
The property is in Norfolk, near the city’s shipyards and downtown. Its listed school districts are Maury High, Blair Middle, and St. Helena Elementary.
The property is in Norfolk, near the city’s shipyards and downtown. Its listed school districts are Maury High, Blair Middle, and St. Helena Elementary.
Key Highlights
- Four‑unit quadplex
- Each residence is approximately 925 square feet
- Units are individually metered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,461
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$969,220
$969.2K
Cap Rate 7%
$692,300
$692.3K
Cap Rate 9%
$538,456
$538.5K
Market Conditions
NOI Build-Up for 3,700 SF
Gross rent
$73.3K $19.80/SF
− Vacancy
−$4.0K −$1.09/SF
EGI
$69.2K $18.71/SF
− OpEx
−$20.8K −$5.61/SF
NOI
$48.5K $13.10/SF
Area
Norfolk, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$969,220
Cap Rate 7%
$692,300
Cap Rate 9%
$538,456
Alternative Uses
Best Use
Multifamily LT 5
$692.3K
$605.8K – $807.7K
NOI $48,461 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$621.7K
$544.0K – $725.4K
NOI $43,522 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$784.9K
$686.8K – $915.7K
NOI $54,943 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,734
Businesses Nearby
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Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Individually metered residences sit within the R-11 zoning district.
Where is this quadplex located?
The property is located at 410 W 28th St Norfolk, VA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four‑unit quadplex; Each residence is approximately 925 square feet; Units are individually metered
